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SUSSEX, WI, October 17, 2011 – Quad/Graphics, Inc. (NYSE: QUAD) ("Quad/Graphics") announced today that it will cease production at its Richmond, Virginia, and Stillwater, Oklahoma, facilities as part of its ongoing plan to integrate operations following the Company's July 2, 2010, acquisition of Worldcolor.
"Today's announcement is another step in our 24-month journey to integrate operations of the combined companies, which will further enhance the efficiency and overall competitiveness of our manufacturing platform," said Joel Quadracci, Quad/Graphics Chairman, President & CEO. "We remain steadfast in our commitment to take the necessary actions that will move our business forward, create value for our clients and shareholders, and build long-term stability and success for our employees."
The Richmond plant encompasses approximately 225,000 square feet and currently employs approximately 125 people. It will run at full production until it closes in December 2011.
The Stillwater plant is approximately 350,000 square feet and employs approximately 240 people. It will begin stepping down operations in December 2011 and cease production in May 2012.
Customer work at both plants will be consolidated into other Quad/Graphics facilities.
The company will proactively assist impacted employees in finding new jobs, including those available at other Quad/Graphics locations. "As we move forward with this complex integration, we always remember that our decisions affect people's lives," Mr. Quadracci said. "We value the talents and contributions of the employees impacted by today's announcement, and we will help them with their career transition."
Forward-Looking Statements
To the extent any statements made in this press release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to, among other things, Quad/Graphics' objectives, goals, strategies, beliefs, intentions, plans, estimates, prospects, projections and outlook, and can generally be identified by the use of words such as "may," "will," "expect," "intend," "estimate," "anticipate," "plan," "foresee," "believe," or "continue," or the negatives of these terms, variations on them and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements.
These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond the control of Quad/Graphics. These risks, uncertainties and other factors could cause actual results to differ materially from those expressed or implied by those forward-looking statements. Among such risks, uncertainties and other factors that may impact Quad/Graphics are: the impact of significant overcapacity in the commercial printing industry, which creates downward pricing pressure and fluctuating demand for printing services; the impact of fluctuations in costs and availability of raw materials, energy costs and freight rates; Quad/Graphics may be unable to achieve the estimated potential synergies expected from the recently completed acquisition of Worldcolor or it may take longer or cost more than expected to achieve those synergy savings; unexpected costs or liabilities related to the acquisition, including the effects of purchase accounting that may be different from Quad/Graphics' preliminary allocations; failure to successfully integrate the operations of Quad/Graphics and Worldcolor; the impact of electronic media and similar technological changes; changes in macroeconomic or political conditions in the countries where Quad/Graphics operates; regulatory matters and risks; legislative developments or changes in laws; the impact of fluctuations in interest rates and foreign exchange rates; and the effect of accounting pronouncements issued periodically by standard-setting bodies.
Quad/Graphics cautions that the foregoing list of risks, uncertainties and other factors is not exhaustive and you should carefully consider the other factors detailed from time to time in Quad/Graphics' filings with the United States Securities and Exchange Commission and other uncertainties and potential events when relying on the Company's forward-looking statements to make decisions with respect to Quad/Graphics.
Because forward-looking statements are subject to assumptions and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Except to the extent required by the federal securities laws, Quad/Graphics undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
About Quad/Graphics
Quad/Graphics (NYSE: QUAD) is a global provider of print and related multichannel solutions for consumer magazines, special interest publications, catalogs, retail inserts and circulars, direct mail products, books and directories. Headquartered in Sussex, Wis. (just west of Milwaukee), the company has approximately 26,000 employees working from approximately 80 locations throughout the United States, Canada, Latin America and Europe. As a printing industry innovator, Quad/Graphics (www.QG.com) is redefining the power of print in today’s multimedia world by helping its clients use print as the foundation of multichannel communications strategies to drive their top-line revenues.
SOURCE: Quad/Graphics Web site
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